Ten years on: Impact of GFC is still being felt in asset management industry

Fewer firms than in 2010

There has been a steady number of asset managers cancelling their permissions with an average of 165 per year over the past decade, a recent Freedom of Information (FOI) request to the Financial Conduct Authority (FCA) shows.

However, while the number has been steady since 2011 there is a noticeable shift in 2018 when there was an increase in the proportion of cancelled permissions relating to merger and acquisition activity.  During that period there was also a substantial decrease in the number of newly authorised firms, meaning on a net basis, the asset management ecosystem is getting smaller and experts expect it will continue to do so.  The FOI, submitted by Investment Week, shows the number of asset managers who cancelled their Part 4a permission, which is the permission they have to carry on regulat...